Apple's 'no-fee' credit card built for the iPhone launches this summer

Roman Schwartz
March 26, 2019

The product was announced during Apple's services event on Monday and is slated to launch sometime this summer.

The sleek, titanium credit card makes a surprising design departure from traditional debit or credit cards.

"Apple Card is built into the Apple Wallet app on iPhone, offering customers a familiar experience with Apple Pay and the ability to manage their card right on iPhone", it said. The American company has also promised lower interest fees. Instead of accumulating points and applying for gift cards or whatever like some credit card programs do, Apple Card gives you cash back with every purchase, which is uploaded to your card daily.

In addition to no fees, Apple said the card will offer smart functionality.

It was rumored since the end of last month and now the Apple Card - previously rumored as the Apple Credit Card - is official.

Customers will be receiving Daily Cash to the tune of 2% on all of their Apple Card payments outside of Apple's ecosystem. All of your transactions live on your device, and Apple uses machine learning on the iPhone to categorize your spending. Every transaction is authorized by Touch ID or Face ID and uses a one-time unique dynamic security code for authentication. Customers will also be able to track purchases, check balances, and see when their bill is due right from an app that lays out exactly where and when they spent their money.

Apple's new credit card has the potential to disrupt the credit card business in the same way Uber and Lyft disrupted the taxi industry, according to a digital marketing expert. With no card number, CVV security code, expiration date or signature on the card, Apple Card is more secure than any other physical credit card. The company will use algorithms to inform users about the most efficient way of paying interest in the Wallet app.

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Apple's 'no-fee' credit card built for the iPhone launches this summer

"We have completely rethought the credit card", said Jennifer Bailey, VP of Apple Pay.

If you have ever looked at your bank or credit card statement and gotten confused about who that $19.95 purchase was with because you could not figure out the cryptic merchant ID, you might appreciate Apple Card's easy to understand statements and transaction history.

And that's pretty much Apple Card.

As widely predicted, the tech giant has teamed up with Goldman Sachs and Mastercard on the new venture, which takes it deeper into the financial lives of its customers as it focuses on fee-generating services. And when you purchase things directly from Apple, you get 3% daily cash on your spending.

However, Apple goes one step further.

Apple said its own card would keep customer information similarly stored.

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